Thursday, August 9, 2007

Gotta pay for my internet service right?

Alright, let's talk money. I know you're not used to seeing money talk in this blog but hey, we gotta pay the bills right? I try to stay away from credit cards because it can get you into trouble if you don't know how to manage it. It sucks because at times, I really want to buy something - like an iPhone for example - but I have to wait until I save enough money to buy it. That was until I learned how to juggle debt at a good rate. Nothing in the thousands of course but it is something manageable.

OPM as financial analysts and advisors call it - stands for Other People's Money. Well if it's out there for the taking, howcome not everyone is doing it? What I do after charging a major purchase that I don't have the cash to pay for in the next month, is to find an offer for a 0% balance transfer credit card. Although best 0% balance transfer credit card depends on balance transfer fees. Why is that you say?! It all depends.

If you are a wise spender, and you know how to manage your credit - this could work for you. But remember, when you transfer a balance to a card and you know you're going to pay it in full the next month - don't. Some balance transfer to a 0% rate will cost you up to $75.00 a pop. Is it worth paying $75.00 to save $20.00 - nope. So be sure that if you are transferring balances from one credit card to another, find the one that has no fees. Always remember that you can tell the best 0% balance transfer credit card depends on balance transfer fees.